DMCC Crypto Centre Opening

[troubled soul]

DMCC Crypto Centre Opening
The official opening of DMCC Crypto Centre - a thriving ecosystem for crypto business in Almas Tower, Dubai. The event was attended by key figures from the crypto and blockchain industry.

 

[khinkali]

I've been critical in the past; Dubai had press releases about their crypto-friendliness but then not much seemed to happen.

CV Labs bring their experience from Switzerland and it looks like the UAE are getting their act together. Now there are some relevant business activities and I think licenses will follow before long.

 

[Marc Rich]

better to get Crypto licenses in other UAE freezones 🙂

 

[CryptoLove]

What makes you say that if they are trying to establish it there?

 

[Supheli]

Marc Rich said:
better to get Crypto licenses in other UAE freezones 🙂
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why?

 

[Marc Rich]

Supheli said:
why?
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less regulation, easier to obtain licensing, less kyc etc DMCC at the moment has 700+ applications for licensing, most are getting rejected

 

[CryptoLove]

Marc Rich said:
less regulation, easier to obtain licensing, less kyc etc DMCC at the moment has 700+ applications for licensing, most are getting rejected
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Thanks for responding:
1) How do you know theres so many applications and that kyc is a problem?
2) As a veteran crypto trader, what other route would you suggest (i'm new to the setup in dubai)?

 

[Fred]

CryptoLove said:
Thanks for responding:
1) How do you know theres so many applications and that kyc is a problem?
2) As a veteran crypto trader, what other route would you suggest (i'm new to the setup in dubai)?
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A route were you get a local Business & Personal Bank Account done.

You end up with the DMCC Crypto License banking on an EMI or with one of the rar Crypto(-friendly) banks in Switzerland/Liechtenstein.

However what we observe from clients is that nobody is willing to provide a 7 figure fiat amount that is necessary to get into a banking relationship with the Switzerland/Liechtenstein banks.

Furthermore most clients have a completely misunderstanding of there KYC/AML and Source of Funds requirements and making big eyes when they see how the compliance work.

So all in all you have effectively with a DMCC Crypto License the same banking possibilities as with a BVI company or similar Tier of reputation.

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[Marc Rich]

CryptoLove said:
Thanks for responding:
1) How do you know theres so many applications and that kyc is a problem?
2) As a veteran crypto trader, what other route would you suggest (i'm new to the setup in dubai)?
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1) Direct contact with highest possible person in DMCC
2) Kindly get in touch directly

 

[CryptoLove]

Marc Rich said:
1) Direct contact with highest possible person in DMCC
2) Kindly get in touch directly
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Your telegram doesnt work

 

[Marc Rich]

CryptoLove said:
Your telegram doesnt work
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strange... link not working? I will PM you in this case.